The disinvestment initiative of the UPA Government gathers pace with Oil India Limited (OIL) stake sale getting oversubscribed even before the closure of market hours.

The government is estimated to get a minimum of Rs.3,100 crore from the third divestment this fiscal.

The indicative price, which is the weighted average price of all valid bids, was Rs.518.04 a share. At this price, the government would garner at least Rs.3,100 crore.

The government had fixed the floor price for the 10 per cent share auction of OIL at Rs.510 apiece.

Shares of OIL closed at Rs.525.55 on Friday on the NSE.